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Certificates are securitized derivatives, generally issued by investment banks to offer investors flexible instruments that can meet different investment needs in a variety of market scenarios.
Certificates can be indexed to various types of underlying instruments: equities or equity indexes, foreign currencies, commodities, etc.
There are many different financial structures which can expose the investor to the underlying instrument’s performance in a variety of different ways, e.g. through participating in positive performances only, having a maximum payoff or a minimum guaranteed, guaranteeing payment of premiums at regular intervals, or early redemption when given conditions occur. The certificates may be:

• Capital guaranteed/protected: i.e. with the guarantee of full repayment of the capital invested at expiry
• Capital partially guaranteed/protected: i.e. with the guarantee of repayment of only part of the capital invested at expiry
• Capital conditionally protected: i.e. with the guarantee of repayment of capital invested only when given conditions occur.

Certificates, once issued, are quoted mainly on two different markets: Sedex (Borsa Italiana), or the Cert-X segment of EuroTLX, and typically the issuer operates as market maker or liquidity provider to guarantee liquidity.